OAKWYN REALTY

Welcome to a Happy 2017

December closed out a crazy year of ups and downs in the Vancouver real estate market.  Low supply and high demand escalated prices and the government introduced several interventions. After a record setting spring, the second half of 2016 started to show some declines and in December, the number of residential sales in Greater Vancouver decreased by 39.4% when compared to last year.

December is notoriously a sluggish real estate month. North Vancouver had a 48% drop in Units listed from the previous year. December 2016 had 25 units listed on the market as compared to 49 in December 2015.  North Vancouver’s active listings increased 108%  in the year from 83 to 173 from December, 2015 to December 2016.  Benchmark price dipped a bit from last month ($1,625,800) but rose 19.3% overall from December 2015($1,322,300) to close out December 2016 with $1,578,000.

West Vancouver had tremendous growth early on in the year and was hit with some decreasing numbers for the month of December. Gross sales were down 61% compared with a year ago and units listed were also down 61% from 72 in December 2015 to 31 in December 2016. Active listing saw no change from a year ago (281) but decreased 28% (391) from one month ago.  The  Benchmark price for West Vancouver was $2,948,200 and was down 28% from November 2016($3,016,600) but had an overall increase of 12.7% compared to December 2015.

Vancouver Westside’s Active listings were up 10% from one year ago in December (381 to 422) but were down 20% (530) from just the previous month of November, 2016.  As previously mentioned, December is traditionally a slower real estate month and units sold were down 51% from 133 in December 2015 to just 64 in December of this year.  There was a 21% decrease in units sold to date with 2031 units   sold as of December 2015 and 1591 were sold as of December 2016.  The Average Price per unit for Vancouver West was $3,740,823 which was up 12% from one year ago ($3,336,869). As with the other areas, the overall benchmark price was up 19.3% for the year from $2,885,000 to $3,443,100.

Source: Real Estate Board of Greater Vancouver

North Vancouver

West Vancouver

Vancouver West

                                                                                                                                    
Benchmark Price: Estimated sale price of a typical property, based on a set of common qualities of homes within each market.

Price Index (HPI): Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales.